Applying For A Maine Mortgage: The Brand New Process

Nowadays in this market, it is actually more essential than previously to have a professional assist you in your quest for a Maine Mortgage

. The days of "Everyone is Approved" are over, and these are the times of "Even if you should qualify, you might not"! I had an underwriter advise me last week that despite the fact that you qualify for a mortgage, meeting all of their guidelines, you might still not qualify. What?!? What does that mean?

I thought it was as elementary as Applying, Qualifying and Closing?

Not anymore.welcome to the new Maine Mortgage Industry, where we are bailing out the mistakes of Wall Street, and also the major mortgage companies for the ridiculous mortgages they made. My favorite one was 100% NINA having a 660 Fico. NINA stood for (it obviously no longer exists) No Income, No Assets! Really, they really gave someone a Maine Mortgage without any income, and no assets and with no money down? Yes, and because of it, we are paying for it now. I'll explain what the underwriter I mentioned above meant. Prior to now, the process went like this:

Qualify the borrower, take application, submit it to an automated decision engine, and close the loan.

There are automated decision engines that assess if the loan quality meets the mortgage programs standards. They are called DU and LP. Before, if you had a DU Approve/Eligible or an LP Accept, you had been approved for a Maine Mortgage. All the underwriter did was look at the documents to determine if they compared to what was listed in the engine. Now, it's different. We still have DU and LP, and we still will need to submit the loans to them to get an Approve/Eligible or an Accept but now there is a bit more to it than simply the approval. Because of the Mortgage crisis, the lenders have become a whole lot stricter. Not only must you have an approval, but, your credit rating, and the credit profile has to be good. Let's say you have a 645 credit rating, and your loan received an Approve/Eligible. The underwriter can review your credit history, and if there are too many late payments, or a habit of shoddy credit, they are able to still decline your loan. Ah, that's what she meant. That's a big difference from 3-4 years ago.

This is exactly why you want a professional Maine Mortgage Broker/Lender to help you!

You want one who now's the particulars of the approval process. You expect someone who will allow you to make the ideal decision for you and you future. You may think you're ready for a Maine mortgage now, but you might not be. Buying a home is probably the biggest and most important decision you will ever make. Why buy a house now, and foreclose in two years, as it was not a good situation for you? Good Mortgage decisions are more important now than in the past.

by: Maine Mortgage

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